Stern: Nothing Wrong with Sacramento's Offer

During his 30-minute press conference today from New York, NBA Commissioner fielded a variety of questions regarding the fate of the Sacramento Kings. Competing purchase offers from Sacramento and Seattle groups were "in the ballpark," he said.

Contradicting criticism from opponents of a Sacramento
investor group's bid to buy the Kings and keep them from moving to
Seattle, NBA Commissioner David Stern says there is nothing wrong
with the Sacramento group's offer.

"I think it's not as complete as it probably is going to be by the
close of business today or tomorrow," Stern told reporters at a
news conference following three days of NBA owners meetings at the
St. Regis Hotel in New York City. But he said the Sacramento
group's offer is "in the same ballpark" financially as the offer
from the Seattle group.

"There is a down-payment," Stern said. "It is
binding. We have had assurances of funding
support and that has been documented to something in the
neighborhood of 80 percent to our satisfaction."NBA Commissioner
David Stern says there is nothing wrong with the offer from the
investor group seeking to buy the Sacramento Kings and keep them
from moving to Seattle.

Stern's comments came moments after the Associated Press obtained a seven-page letter
from the Kings' current majority owners, the Maloof family, ripping
the Sacramento group's offer and asking NBA owners to approve the
deal the Maloofs have reached with the Seattle group.

The league's joint finance/relocation committee will meet again
late next week to make a recommendation. Under NBA bylaws, a
final vote from the Board of Governors would need to take place at
least seven business days later. Thus, Stern reiterated that
the team's fate will likely be decided in early May.

Asked about potential expansion - an outcome that would allow
both cities to have an NBA team - the commissioner said it wasn't
discussed at all and said it was not being considered as a way out
of this predicament. "I haven't heard that in any way, shape
or form, particularly when we don't know at this time what
the next television network contract would be."

Stern indicated the prospect of expansion is a long-term issue and
would be dealt with by his successor, Deputy Commissioner Adam
Silver, when Stern retires next year.

Stern praised the investor groups from both cities and repeatedly
spoke of how tough and unprecedented this situation is.
"Seattle is a very strong market, and in fact has
gotten stronger and more growth‑oriented than when the NBA left,"
he said. "But there is another city involved.
So I think that the owners are probably
individually wrestling with the degree to which the Sacramento
incumbency deserves consideration as well.

"There's going to be a disappointed city one way or
the other."

Sacamento Kings supporters assemble in front of the hotel
where the NBA meetings are taking place (photo credit: Ben
Adler)